Has hosting the Olympics become ruinous?
"With the cost of hosting the Olympic Games soaring, the economic benefits of the sporting extravaganza have been called into question as the global economy faces a slowdown in growth."

## Energy/resources ##Professors argue against fracking
"Hydraulic fracturing to access natural gas should be slowed and eventually stopped, two Cornell University professors said during briefings for U.S. lawmakers."

Coal-Plant Plunge Threatens Billions in Pollution Spend
"The coal-fired power industry in the U.S. is facing the biggest plunge in asset values in a decade, risking billions of dollars in pollution-control spending by utilities such as Exelon Corp. (EXC) and American Electric Power Co. (AEP)."

Hot Weather Threatening US Corn Crop
"The projected US corn crop is currently in worse condition than it's been in since 2002, which were then the worst since 1990. Only 56% of this year's crop was judged to be in 'good' or 'excellent' condition last week. That's a drop of 7 points from the week before."

It's important to realize that collapse isn't just a matter of energy. The global economy is a huge, complex system, and it's deteriorating day by day, crushed under the weight of its own demand: growth. Population, consumption, debt, pollution, "development" — they're all growing because they must do so under a system that demands never-ending expansion. -- RFDisaster manager says infrastructure decay is a growing trend (Canada)

Kyoto to close its buildings to save power
"To save electricity, the Kyoto prefectural government has decided to close one of its three main office buildings on weekday afternoons on a rotational basis from July 23 to Aug. 2."

Japan tax hike to juice spending until '14: report
"With Japan's Diet having just approved a major sales-tax hike, economists expect a sharp pick-up in spending ahead of the increase, followed by a similarly sharp drop, according to a Nikkei news report Wednesday."

It's possible that the hike will never happen, and that the immediate aim is to get people to spend. -- RF

"A majority of coal storage yards have been closed due to extreme pressures. Qinhuangdao Coal Exchange market, a barometer of the energy market, has exhibited extreme quiet. One coal dealer said that he has not done business for more than half a month."

"Members of the law-school class of 2011 had little better than a 50-50 shot of landing a job as a lawyer within nine months of receiving a degree, according to a Wall Street Journal analysis of new data that provides the most detailed picture yet of the grim market for law jobs."